According to a report released recently by Colliers International, a proposed resort in Ras Al Khaimah modeled after Las Vegas could potentially bring in more than five million tourists, surpassing the projected number of visitors by three million before 2030. In this article, we explore this resort’s potential for boosting tourism and hospitality, maximizing investment opportunities in the emirate for potential investors.
The report says that the resort will be developed in partnership with Wynn Resorts RAK, as a significant development that will transform the emirate’s image as a sustainable and eco-friendly destination. The report also suggests that the Wynn Al Marjan Island Resort, which is set to open in 2026 and will feature the UAE’s first casino, could be a significant development for tourism in the emirate. The report indicates that the casino could help attract over 5.5 million tourists to Ras Al Khaimah by 2030, surpassing the target of 3 million.
Ras Al Khaimah is currently in the process of developing gaming regulations for the casino, taking inspiration from regulations in Singapore and the US, while Wynn Marjan is planning the casino’s operations in the emirate.
Wynn Al Marjan Island Ras Al Khaimah, which is expected to be the biggest foreign direct investment project in the emirate, has ambitious plans to become a landmark property. The resort will include over 1,200 hotel rooms, more than 20,000 square meters of retail and dining areas, and over 20,000 square meters of gaming facilities. The estimated cost of the project is over $2 billion, and it is anticipated to open in late 2026, complete with various entertainment, leisure, and MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities.
Investors can benefit from the Wynn Al Marjan Island Ras Al Khaimah project in several ways, for it is expected to be the biggest foreign direct investment project in the emirate, which means it could provide significant returns on investment. In addition, the project’s ambitious plans to become a landmark property could increase its value and attract high-end clientele, leading to higher profits. Moreover, the diverse range of facilities, including retail and dining areas, gaming facilities, and MICE facilities, could generate multiple revenue streams, creating a stable and profitable investment opportunity. The project’s anticipated opening in late 2026, with its extensive entertainment, leisure, and MICE facilities, could attract tourists and business travelers, generating high occupancy rates and returns on investment (ROI).
According to the Colliers report, the Wynn Al Marjan Island project is expected to have a significant impact on the tourism segment of Ras Al Khaimah due to its unique concept and existing global demand. The report suggests that RAK will benefit from positive externalities, including increased visitation, additional hospitality demand, and an overall boost to the economy.
The report analyzed the impact of the opening of gaming facilities on visitation and considered the characteristics of RAK’s tourism. It predicts that the Wynn Al Marjan Island will induce significant demand in its first year, followed by a prolonged secondary growth period lasting three years. As a result, the city is estimated to welcome over 3.8 million visitors by 2027, growing at a CAGR of 28% from 2022.
Assuming the success of the Wynn Resort, the city is envisioned to welcome over 5.5 million visitors by 2030, positively impacting the economy across all factors, ranging from employment to overall GDP. Therefore, the report concludes that the Wynn Al Marjan Island project will be a significant contributor to the growth of the tourism industry in RAK.
In addition to the predicted number of annual visitors to Ras Al Khaimah exceeding the Emirate’s stated target of 3 million by 2030, the report identified the top five international markets for tourism in Ras Al Khaimah in 2022, which were Russia, Kazakhstan, UK, Germany, and India. To attract more tourists, Ras Al Khaimah has implemented various strategies, including financial incentives and investments in major projects such as Jebel Jais.
The Emirate has also successfully attracted key strategic partners and raised capital from major players like Aldar Properties, EMAAR, ADNH, and Nobu. In further news, Wynn Resorts has named ALEC Engineering and Contracting (ALEC), a part of the Investment Corporation of Dubai (ICD), as the main contractor for the construction of the Wynn Al Marjan Island property in Ras Al Khaimah, in partnership with Marjan Island and RAK Hospitality Holding.
